Daimler AG has received approval from the Reserve Bank of India (RBI) to setup a “non-banking financial company” for its financial services business in India
Daimler AG has received approval from the Reserve Bank of India (RBI) to setup a "non-banking financial company" for its financial services business in India. The newly founded Indian company, Daimler Financial Services India Pvt Ltd, will be a 100% subsidiary of Daimler AG and is expected to be operational in the third quarter 2011.
"With business activities in over 40 countries, Daimler Financial Services is one of the leading automotive financial services companies in the world. India is one of the fastest growing automotive markets and Daimler Group has high expectations from this market," said Richard Howard, member of the board of management of Daimler Financial Services AG responsible for the region Africa & Asia/Pacific. "Daimler Financial Services India will support the sales of Mercedes-Benz cars and Daimler trucks as we see a large demand for financing solutions in the market. We will initially invest upwards of 50 million US dollars as part of market entry."
"By providing innovative and customized finance and insurance solutions to dealers and customers, we intend to enrich the ownership experience of Mercedes-Benz and Bharat Benz branded automotive products, under the Mercedes-Benz Financial and Bharat Benz Financial labels", said Sidhartha Nair, managing director of Daimler Financial Services India Pvt Ltd.
The product range of Daimler Financial Services in India will include financing, leasing, insurance and dealer financing for Mercedes-Benz passenger cars at market launch. The commercial vehicle finance products will be offered, for the newly developed Daimler truck brand for the Indian market, BharatBenz, in 2012 after the start of truck production in Oragadam, close to Chennai.
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